Money saving expert business banking

Susan Tompor Detroit Free Press Published 12:21 PM EST Feb 7, 2019 All the anger and frustration surrounding the white-collar layoffs at General Motors only gets worse by the minute. After all, many employees are being shown the door during the same week the automaker reported that last year's global, pretax profit hit $11.8 billion. Mixing profit-sharing checks and pink slips isn't a morale booster. And all that heated emotion can trigger a slew of financial mistakes for someone who is suddenly laid off. It won't help a bit, for example, to go into your next job interview and start grumbling about life at America's largest automaker. Don't even think of saying things like: "It's time for something new for me. It sure isn't the same old Generous Motors any more." Sure, GM's financial picture isn't grim as it begins laying off some 4,000 salaried workers in its latest round of restructuring — including nearly 1,300 jobs at GM's … [Read more...] about Laid-off GM white-collar workers: Avoid these money mistakes

Liz Weston Published 4:02 p.m. UTC Aug 20, 2018 Your home equity could keep you afloat in retirement or bail you out in an emergency — but not if you spend it first. U.S. homeowners are sitting on nearly $6 trillion of home value they could tap as of May 2018, according to data provider Black Knight. Lenders are eager to help many do just that through home equity loans, home equity lines of credit and cash-out refinancing. The rates are often lower than other kinds of borrowing, and the interest may still be deductible, despite last year’s tax reform changes. But you can lose your home to foreclosure if you can’t pay back the loan, which is why financial planners generally frown on using equity for luxuries, investing or consolidating credit card debt. Many planners point to the foreclosure crisis that started a decade ago as an example of what can go wrong when people binge on home equity debt. “Having equity in your home is a huge financial advantage that … [Read more...] about Weston: Your house isn’t a piggy bank

About once a week I come across an article that claims to give “car buying hacks,” or purports to tell “secrets the dealer doesn’t want you to know.” While some of this advice is helpful, other tips are just blanket statements that maybe won’t result in you getting the best deal. Here are some “rules” that get tossed around quite often, but aren’t always helpful. Never Buy New I’ve covered this topic before, but the maxim persists. The concept is based on the fact that cars depreciate as soon as they drive off the lot and therefore a used car will be cheaper than a new one. The reality is that the potential savings are dependent upon the car and the market. Often I’ll get customers who aren’t really in the market for a used car and intend on buying new, but then they say “If I can save a few grand by getting 1 or 2-year-old version, with low miles I’ll do that.” Typically, lightly used luxury cars … [Read more...] about These Outdated Car Buying Myths Are Costing You Money

There’s been plenty of discussion about how autonomous vehicles will effectively annihilate the trucking and taxi industries. We’ve certainly discussed it — in addition to concerns that self-driving vehicles may not reduce pollution and traffic congestion as promised. Fear not, claims a recent report sponsored by Securing America’s Future Energy. The problem of self-driving cars displacing huge numbers workers is apparently overblown when compared to the economic impact as a whole. According to the study — “America’s Workforce and the Self-Driving Future” — the loss in employment opportunities should be offset by the potential advantages in safety, cheaper transportation, mobility, air quality, and individual productivity. The report says that by 2050, AVs will contribute between $3 and $6 trillion in cumulative consumer and societal benefits to the U.S. economy. While it’s not clear how much of that will go … [Read more...] about Report Claims Self-driving Cars Will Make So Much Money, No One Will Care About Employment Losses

In a time of widespread consolidation and a shrinking number of minority-owned banks, the institution Joseph Haskins Jr. helped found 33 years ago is becoming rarer.Amid more stringent federal oversight, many community banks are finding it more expensive to operate and are selling themselves to larger banks. Haskins says Harbor Bank, the Baltimore-based institution where he serves as chairman, president and CEO, has to be "very strategic" to offset the increased costs.The Federal Reserve counts just 23 African-American owned banks in the country, down from 40 in 2003. Harbor Bank, with $233 million in assets, is one of them. Two other minority-owned banks in Baltimore vanished in recent years — Advance Bank was acquired by Municipal Employees Credit Union of Baltimore in 2013 and Ideal Federal Savings Bank was closed by regulators in 2010.Haskins said Harbor Bank serves as a catalyst for economic development, offering small and mid-size businesses loans, running a non-profit … [Read more...] about Five Questions for Joseph Haskins Jr., head of Harbor Bank